800k/65k

[Badrabbit]

I will be doing my Retirement Extension very soon and using the 800k in the Bank, next year I will be changing to the 65k per month method, will I be able to withdraw the 800k after I get my new extension which is due soon. Its not a problem if I have to wait untill my renewal in 2023.

Ref the Bank letter and statement, the letter has to show the deposits making 65k or more per month, the letter will confirm I receive deposits totalling more than 65k per month is this correct?

Thanks.

[ubonjoe]

You will have comply with rules that state you must keep 800k baht form the day you apply for the 3 months and then for 400k baht until you apply for your next extension using the income baht.

The bank letter will not prove you have transferred at least 65k baht for 12 months. A bank statement is needed for that,

[Badrabbit]

3 minutes ago, ubonjoe said:

You will have comply with rules that state you must keep 800k baht form the day you apply for the 3 months and then for 400k baht until you apply for your next extension using the income baht.

The bank letter will not prove you have transferred at least 65k baht for 12 months. A bank statement is needed for that,

So I have to wait untill my next extension in 2023 to be able to withdraw the 800k?

Phuket Immigration told me all I need is a Thai bank Statement showing the 12 deposits, plus Letter, I asked If I needed to prove where the deposits came from he said "no" 

[cnx1204]

If you decide to go the income route, I would recommend starting to transfer money maybe two months before your current extension expires (for all the obvious reasons).  Better safe than sorry.

[ubonjoe]

8 minutes ago, Badrabbit said:

So I have to wait untill my next extension in 2023 to be able to withdraw the 800k?

Phuket Immigration told me all I need is a Thai bank Statement showing the 12 deposits, plus Letter, I asked If I needed to prove where the deposits came from he said "no" 

You can reduce the balance to 400k baht after 3 months.

I would double check with Phuket immigration before doing anything more.

[Badrabbit]

1 minute ago, cnx1204 said:

If you decide to go the income route, I would recommend starting to transfer money maybe two months before your current extension expires (for all the obvious reasons).  Better safe than sorry.

I've had income into my Thai Bank for the last 13 years it's only recently that they now add up to 65k plus.

What are the obvious reasons?

[norbra]

4 minutes ago, Badrabbit said:

I've had income into my Thai Bank for the last 13 years it's only recently that they now add up to 65k plus.

What are the obvious reasons?

I changed from deposit to income at the beginning of COVID confusion. I was able, under their ruling at the time , to provide proof of income for 3 months. This transition ruling was only valid for 12 months so for the last 2-3 years, 12 x 65k deposits are required from offshore  to switch to the income method 

[OJAS]

35 minutes ago, cnx1204 said:

If you decide to go the income route, I would recommend starting to transfer money maybe two months before your current extension expires (for all the obvious reasons).  Better safe than sorry.

IMHO the OP needs to start making monthly 65k transfers at the earliest opportunity after his latest extension has been granted with the aim of ensuring that 12 such transfers are in place by the time of his 2023 extension application. That would be better safe than sorry, I think!

 

[Badrabbit]

Thanks for all your replies, I have already started printing out the deposits that go into my Thai Bank(Statement) to be safe I will also print out the statements from the Bank of America and  Citi Bank, I have one other deposit which is from Tesco(not sure what Bank yet) all deposits are from the UK.

[norbra]

1 hour ago, OJAS said:

IMHO the OP needs to start making monthly 65k transfers at the earliest opportunity after his latest extension has been granted with the aim of ensuring that 12 such transfers are in place by the time of his 2023 extension application. That would be better safe than sorry, I think!

 

As the OP has stated he is already transferring funds now totaling 65k monthly Immigration will require proof 12 x. 65k receipts at the time of your extension application The receipt, statement, credit advice for each must show the funds come from offshore and be issued by your Thai bank see sample  below 

 

Edited August 16, 2022 by Rimmer
Additional information

[Badrabbit]

12 minutes ago, norbra said:

As the OP has stated he is already transferring funds now totaling 65k monthly Immigration will require proof 12 x. 65k receipts at the time of your extension application The receipt, statement, credit advice for each must show the funds come from offshore and be issued by your Thai bank

Thanks, I already said that Phuket Immigration do not need proof of where the transfers come from I only need to show the deposits in my Thai Bank (statements) I will check again when I go for my Extension. 

[foreverlomsak]

I started to make monthly transfers with the intention of moving to this in lieu of 800K in the bank, but in my case the vagaries of the banking system did not guarantee the deposit will show as FTT (Foreign Transfer) every time even using the Wise dedicated "long stay" reason and a Bangkok Bank account only - 2 transfers out of 8 failed to show as FTT in the passbook.

[norbra]

17 minutes ago, foreverlomsak said:

I started to make monthly transfers with the intention of moving to this in lieu of 800K in the bank, but in my case the vagaries of the banking system did not guarantee the deposit will show as FTT (Foreign Transfer) every time even using the Wise dedicated "long stay" reason and a Bangkok Bank account only - 2 transfers out of 8 failed to show as FTT in the passbook.

Check your Wise receipt it will indicate which bank sent your money to Bangkok bank. If you can still want to use FTT then you take your Wise docs and bangkokbank docs to this other bank an request proof of FTT for the transactions , possibly Kbank (go to international branch or Deemoney contact online.

In addition contact Wise and request that they Mark your account for direct transfers only

Edited August 16, 2022 by norbra

[PeachCH]

Much easier to use an agent, no 800k nor 65k needed. 

[paddypower]

I am switching from leaving 800k on deposit to receiving monthly transfers from Denmark, which will be large enough for me to qualify, under the retirement rules. My first transfer request from Nordea Bank Denmark is proving to be difficult. (let me ignore their requirement for an electronically completed transfer request) . Having done that, and having entered 'living expenses' as the purpose of the transfer, Nordea now wants me to send them one of the codes published by Thailand on a form titled '' Transaction Purpose Code for Thai Baht Fund Transfer from Non-Resident Baht Account to Resident Account'' . Before I screw up my transfer, has anyone had to use this code form ? My choice would be ''Medical Expenses''.

Thanks.

[wwest5829]

7 hours ago, Badrabbit said:

So I have to wait untill my next extension in 2023 to be able to withdraw the 800k?

Phuket Immigration told me all I need is a Thai bank Statement showing the 12 deposits, plus Letter, I asked If I needed to prove where the deposits came from he said "no" 

I have used the 65K method for over a decade. Monthly, I order the $2200.00USD transferred from my U.S. account through Wise (making sure I state on their question form that the reason is for “long term stay”. This makes sure Wise transfers directly into my Bangkok Bank Account as FFT (foreign funds transfer) and not through an intermediary bank. Have not had any issues doing it this way. Checks the requirement boxes while my funds remain invested and earning me dividends.

[ubonjoe]

6 minutes ago, paddypower said:

I am switching from leaving 800k on deposit to receiving monthly transfers from Denmark, which will be large enough for me to qualify, under the retirement rules.

I think the Denmark embassy is still doing proof of income for extension applications that immigration will accept.

[chilly07]

6 hours ago, Badrabbit said:

Thanks for all your replies, I have already started printing out the deposits that go into my Thai Bank(Statement) to be safe I will also print out the statements from the Bank of America and  Citi Bank, I have one other deposit which is from Tesco(not sure what Bank yet) all deposits are from the UK.

You need the bank to print these out-credit advices- Immigration don't normally accept anything you print out- plus a one year statement certified by the bank when you apply. You have the USA Australian and UK Embassies to thank for this! Everyone else gets an income letter. Those embassies should revert to income letters to stop this nonsense.

[KannikaP]

13 minutes ago, chilly07 said:

You need the bank to print these out-credit advices- Immigration don't normally accept anything you print out- plus a one year statement certified by the bank when you apply. You have the USA Australian and UK Embassies to thank for this! Everyone else gets an income letter. Those embassies should revert to income letters to stop this nonsense.

What is nonsense. Three options, 800k in the bank, 65k per month = 780k, or combo method eg 50k per month and 200k in the bank = 800k.

Oh yes, or do it illegally through an agent.

[norbra]

7 hours ago, Badrabbit said:

Thanks, I already said that Phuket Immigration do not need proof of where the transfers come from I only need to show the deposits in my Thai Bank (statements) I will check again when I go for my Extension. 

Go a month early for your extension to ensure smooth. Transition 

[PumpkinEater]

Transitioning to the income method seems complex.

Why in the world does immigration requires 800k in the account after a statement showing at least 12 months of 65k deposits into a Thai bank account in beyond me. 
Also I can provide my Social Security (USA) statement printout showing my income for the past 2 years…

 

And how does immigration know that you want the income method when 800k is in the account?

There is no box to check on any form for this.

 

Please summation….

First 3 months apply NON O need the 800k PLUS 12 months 65k statement

Upon extension (after 3rd month) need 800k PLUS 65k

After 3 months can reduce to 400k

When can the account ONLY show monthly deposits for the monthly income method (No 800 or 400 requirement)?

 

I may try to get a statement from the Social Security office in the Philippines stating that my SS is being deposited into my K bank account monthly….we’ll see.

 

Cheers!

[ubonjoe]

7 hours ago, PumpkinEater said:

Transitioning to the income method seems complex.

Why in the world does immigration requires 800k in the account after a statement showing at least 12 months of 65k deposits into a Thai bank account in beyond me. 
Also I can provide my Social Security (USA) statement printout showing my income for the past 2 years…

As I wrote before you have to meet the post application money in the bank requirement for the year before you change to the income option. That is 800k for 3 months after you apply for extension and then 400k baht for the remainder of the year. Not sure why you keep mentioning 800k baht for the entire year.

Their have been posts of people being denied a extension application for not meeting those requirement when changing to in 65k baht income option.

[norbra]

7 hours ago, PumpkinEater said:

Transitioning to the income method seems complex.

Why in the world does immigration requires 800k in the account after a statement showing at least 12 months of 65k deposits into a Thai bank account in beyond me. 
Also I can provide my Social Security (USA) statement printout showing my income for the past 2 years…

 

And how does immigration know that you want the income method when 800k is in the account?

There is no box to check on any form for this.

 

Please summation….

First 3 months apply NON O need the 800k PLUS 12 months 65k statement

Upon extension (after 3rd month) need 800k PLUS 65k

After 3 months can reduce to 400k

When can the account ONLY show monthly deposits for the monthly income method (No 800 or 400 requirement)?

 

I may try to get a statement from the Social Security office in the Philippines stating that my SS is being deposited into my K bank account monthly….we’ll see.

 

Cheers!

Kbank can provide proof of all your transactions, the documents they provide satisfy all immigration requirements needed for extension of stay application 

That is Bank letter,12 month bank statement and credit advice/receipts for monthly transfers

 

Edited August 17, 2022 by norbra

[Badrabbit]

3 hours ago, norbra said:

Kbank can provide proof of all your transactions, the documents they provide satisfy all immigration requirements needed for extension of stay application 

That is Bank letter,12 month bank statement and credit advice/receipts for monthly transfers

 

I will check again at my soon to get 800k retirement extension that Phuket Immigration only require 12 months of deposits into a Thai Bank account(Statement showing this) I did ask them if I need to prove where the deposits come from they said "no" they do not need anything else other than Bank letter and Statement, Passport copies, I am printing off my Statements showing my deposits so by next October(2023) I will be able to produce over 1 year of deposits.

I need to check this again as maybe IO didn't understand my request.